EDF Group’s renewables business (excluding hydro in France) has reported €723m in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half of 2022, compared with €544m in the same period in 2021.
The results were mainly due to a 20.7% increase in the group’s wind and solar output to 12.9 terawatt-hours, driven mainly by the wind farms commissioned in the United States and Brazil.
The Group’s renewables project portfolio stood at 82GW gross at the end of June 2022, up 9% versus the end of 2021.
Meanwhile Belgium saw an increase in wind output, while Italy saw a decline in the wind and hydro contribution.
The business reported an increase in net investments relating to the acquisition in 2022 of offshore wind development rights in the New York Bay.
EDF Renewables also reported positive results, recording a 70% increase in EBITDA of €500m in the first half of 2022, against the same period in 2021.
The increase in EBITDA was due to a 22.7% increase in output to 10.8TWh, thanks to new capacities commissioned and favourable wind conditions, particularly in North America and the United Kingdom.
The results were also due to the impact of the cold wave in Texas in early 2021 with no equivalent in 2022. The cold wave resulted in the purchase of energy at extremely high prices for an estimated -€94m impact in EBITDA for the first half of 2021.